Philippine Auto Sales Projected to Hit 600,000 Units by 2030

MANILA, Philippines — Total vehicle sales in the country are projected to reach the 600,000-unit mark by 2030, according to leading automotive firm Toyota Motor Philippines Corp. (TMP). Sherwin Chua-Lim, senior vice president at TMP said that the projection is based on the firm’s forecast of around five to six percent annual growth in vehicle sales starting next year until 2030. While the country’s vehicle sales are expected to post five to six percent growth per year starting next year, TMP expects total automotive industry sales to dip this year due to the Middle East crisis. “Initially, when we started the year, we were looking at around one percent growth (in total vehicle sales). But because of the Middle East (crisis), it dropped,” Chua-Lim said. Ongoing tensions in the Middle East have disrupted global oil supply, leading to higher fuel prices and other costs, which have affected consumption. Chua-Lim said that Filipino consumers are also highly vulnerable and easily affected by sudden changes or disruptions. As such, he said that TMP now expects total automotive industry sales to decline by around two percent this year. Total vehicle sales in the country hit a record high of 491,395 units last year, up by 3.7 percent from the previous record of 473,842 units set in 2024. While overall vehicle sales are expected to decline this year, electrified vehicles (xEV) such as battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles, continue to defy the trend and see growing demand amid high fuel costs. “Based on what we see, next year is the recovery year. How fast is the recovery is the question,” Chua-Lim said. “Once you recover you can have stable growth year-on-year. But without that, you cannot really project a close to accurate number,” he said further. Latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that their combined sales from January to July reached 241,725 units, 10 percent lower than the 269,207 units sold in the same period last year. Meanwhile, CAMPI and TMA’s xEV sales in the seven-month period surged by 136 percent to 38,286 units from 16,195 units in the same period a year ago. The sales figure does not include other industry players such as BYD.